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dc.contributor.authorFaia, Esteren
dc.date.accessioned2009-09-21-
dc.date.accessioned2009-10-18T16:27:19Z-
dc.date.available2009-10-18T16:27:19Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/28379-
dc.description.abstractThe literature has shown that product market frictions and firms dynamic play a crucial role in reconciling standard DSGE with several stylized facts. This paper studies optimal monetary policy in a DSGE model with sticky prices and oligopolistic competition. In this model firms' monopolistic rents induce both intra-temporal and intertemporal time-varying wedges which induce inefficient fluctuations of employment and consumption. The monetary authority faces a trade-off between stabilizing inflation and reducing inefficient fluctuations, which is resolved by using consumer price inflation as a state contingent sale subsidy. An analysis of the welfare gains of alternative rules show that targeting mark-ups and asset prices might improve upon a strict inflation targeting.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1552en
dc.subject.jelE3en
dc.subject.jelE5en
dc.subject.ddc330en
dc.subject.keywordProduct market frictionsen
dc.subject.keywordoligopolistic competitionen
dc.subject.keywordoptimal monetary policyen
dc.subject.stwGeldpolitiken
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwStochastischer Prozessen
dc.subject.stwOligopolen
dc.subject.stwPreisrigiditäten
dc.subject.stwTheorieen
dc.titleOligopolistic competition and optimal monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn609217879en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1552en

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